Bitmine Nears 5% of Ethereum's Supply with Latest $69M ETH Purchase

Bitmine, a company listed on the NYSE, has significantly increased its Ethereum (ETH) holdings after purchasing an additional 28,086 tokens worth around $69.4 million at Tuesday's market price of approximately $2,472.

This brings Bitmine's total ETH holdings to 5,929,198 tokens, valued at roughly $14.8 billion using the company's own reference price of $2,495 per token.

The latest purchase has pushed Bitmine closer to its target of owning 5% of Ethereum's circulating supply, with approximately 171,000 ETH short of reaching that goal.

Bitmine aims to slow down its buying pace to avoid reaching the target too early, according to Chairman Tom Lee. However, no updated guidance on this plan has been issued since May.